Did you know that a quick online search known as a UCC Search can reveal information about a commercial property that may not appear on a title commitment? Where and how to conduct this search:
If you’re purchasing a commercially improved property and you’re using the Texas Association of Realtors contract, also called the TAR contract for short, there is a provision in the contract where you can check one of two boxes regarding a UCC Search. The UCC stands for the Uniform Commercial Code which allows creditors to notify other creditors, now creditors meaning either lending institution, financial institution or a lender, this Uniform Commercial Code allows lenders to notify other creditors of a debtor’s assets that are used as collateral for that building.
Now, if you want to do this search, the quickest way to do it in Texas is to get with the Secretary of State. On their website, you can actually conduct this search. Last time we checked it was a dollar for an online search or you can get a hard copy for $15.
Now, generally speaking, if there is any lien attached to a property, it should be shown on a title commitment. But, this might be an extra layer of protection for you. Again, this is found on the TAR contract. Ironically enough, it is not found on the Texas Real Estate Commission contract even for a commercially approved property.
Feel free to reach out to us with questions or other topics you’d like to see covered.
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